AI's Growing Role in Transforming Healthcare Delivers Innovations in Diagnostics, Patient Care
Issued on behalf of Avant Technologies Inc.
USA News Group News Commentary
VANCOUVER, BC, Nov. 20, 2024 /CNW/ -- Healthcare is undergoing a transformative shift, with new technologies enabling breakthroughs that were once unimaginable. According to the World Economic Forum, recent advancements include tools capable of detecting fractures, predicting ambulance needs, identifying early signs of over 1,000 diseases, and using clinical chatbots to guide decision-making. Researchers at McKinsey & Company highlight how these innovations are unlocking insights from previously inaccessible data, driving unprecedented consumer engagement and personalization in medicine. Mayo Clinic experts stress that "Deployment is King," as these technologies begin to take root in healthcare systems worldwide. Leading the charge are innovators such as Avant Technologies, Inc. (OTCQB: AVAI), RadNet, Inc. (NASDAQ: RDNT), Stryker Corporation (NYSE: SYK), Absci Corporation (NASDAQ: ABSI), and Twist Bioscience Corporation (NASDAQ: TWST).
The article continued: Analysts at MarketsandMarkets Research forecast the AI in Healthcare Market to expand at a remarkable 48.1% CAGR, reaching $148.4 billion by 2029. With billions in investment pouring in, the World Economic Forum emphasizes the need for strategic spending, workforce adaptation, and proactive preparation to ensure these innovations achieve their full potential in reshaping global healthcare.
Avant Technologies and Ainnova Advancing Proprietary Retinal Camera to Market with Vision AI Software
Avant Technologies, Inc. (OTCQB: AVAI), an emerging technology company developing solutions in artificial intelligence (AI) infrastructure while exploring additional technologies in the biotechnology and healthcare sectors, today announced an update from its Joint Venture (JV) with Ainnova Tech Inc. (AINN), a leading healthcare technology (healthtech) company. The announcement details advances from their newly-formed JV entity Ai-nova Acquisition Crop. (AAC), particularly with Ainnova's proprietary low-cost retinal camera, which will be used for fundus photography, and seamlessly packaged together with Ainnova's Vision AI software platform for commercialization.
By combining the two technologies, Ainnova's versatile camera will provide precise retinal scans to its AI software leading to even more accurate data. Currently, Ainnova's Vision AI software works well with any fundus camera on the market; however, Ainnova and Avant are aiming for exclusivity by developing a lower-cost, easier to use camera that captures retinal images automatically and then uploads those images to the Vision AI software platform, which then produces a "risk report" in mere seconds.
"Our vision is that the retina will be a new standard in primary care, as basic as taking a patient's blood pressure, and together with other datapoints, such as demographic data or laboratory results, to generate a complete report of preventive medicine," said Vinicio Vargas, CEO of Ainnova, and member of AAC's Board of Directors. "The goal is to provide patients with a risk screening so that they can be referred to the appropriate specialist. Our proprietary retinal camera, combined with our VisionAI software technology will offer a real accessible opportunity for early detection—and this is how we are going to impact the world."
AAC will develop the retinal cameras as part of the joint venture and licensing deal to facilitate the development of Ainnova's technology portfolio. AAC owns the licensing rights to develop, maintain, and market Ainnova's technology portfolio in both North America (United States and Canada) and throughout Europe.
As well, AAC will market the two technologies as a Software as a Service (SaaS) + retinal camera package with the hope of making retinal scans a part of routine healthcare. The business model is a pay-per-use platform, per patient, monthly, aimed at primary care clinics, insurance companies, opticians, pharmacies, occupational health companies that provide the service to employees of many companies, and pharmaceutical companies that sell the treatments or therapies.
Ainnova currently has commercial agreements with pharmaceutical companies, clinics, insurance companies, and medical service providers, and these relationships should offer AAC guidance into marketing the SaaS + retinal camera package in the North American and European markets.
Avant sees this partnership as advantageous to the company and its shareholders given how the AI in healthcare market is projected to grow from $6.9 billion just 3 years ago to $67.4 billion by 2027, at a CAGR of 46.2% during the forecast period.
CONTINUED… Read this and more news for Avant Technologies Inc. https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
Other recent industry developments and happenings in the market include:
RadNet, Inc. (NASDAQ: RDNT), a leader in providing high-quality, cost-effective diagnostic imaging services through a network of owned and operated outpatient imaging centers, recently announced that its DeepHealth OS was selected by national full-service radiology provider ONRAD to advance its next generation of radiology services. By utilizing the cloud-native and modular capabilities of DeepHealth OS, ONRAD will implement a customized solutions roadmap targeted to streamline its clinical and operational workflows, enhancing productivity, and ultimately improving patient outcomes through AI-powered, unified data integration.
"We were looking for an innovative, well capitalized technology partner who is committed to commercializing leading-edge radiology solutions," said Dave Engert, President and CEO of ONRAD. "As our operations expand rapidly, the scalability and reliability of DeepHealth's cloud-native architecture will play a crucial role in meeting our evolving needs. By transitioning our operations from traditional radiological technologies to pioneering the deployment of a cloud-native imaging workflow ecosystem powered by AI, we are committed to enhancing care delivery for both patients and providers."
For reference, ONRAD manages more than 1.4 million exams annually and provides comprehensive radiology services to over 120 customer facilities in the U.S., including teleradiology, onsite radiologist staffing, interventional radiology, Quality Assurance/peer review reading, and payor billing.
Stryker Corporation (NYSE: SYK), a global leader in medical technologies, recently announced the launch of the next generation of SurgiCount+ within its sponge management portfolio. Now integrated with Stryker's Triton technology, SurgiCount+ addresses two key challenges: retained surgical sponges and blood loss assessment. Integrating these previously separate digital solutions provides the added benefit of a more efficient, streamlined workflow for hospitals.
"We are committed to helping keep caregivers and patients safe from harm," said Brandon Jominy, vice president and general manager of Stryker's Surgical Technologies business. "Integrating our SurgiCount+ and Triton technologies on one platform will set a new industry standard for quantifying blood loss and continuing to help reduce retained surgical sponges in the OR."
Stryker's Triton software uses AI to accurately assess blood loss in real time, helping hospital staff respond quickly to hemorrhages. In the operating room, retained surgical sponges remain a critical issue, with 88% of cases linked to counting errors. Stryker's SurgiCount+ software addresses this by using RFID-tagged sponges and a wireless reader to track, count, and locate sponges, reducing errors and saving valuable time.
Absci Corporation (NASDAQ: ABSI), a data-first generative AI drug creation company, and Twist Bioscience Corporation (NASDAQ: TWST), a company enabling customers to succeed through its offering of high-quality synthetic DNA using its silicon platform, recently announced a collaboration to design a novel therapeutic using generative AI.
"Bringing together two leaders in biotechnology innovation represents an opportunity to accelerate pharmaceutical R&D," said Sean McClain, Founder and CEO of Absci. "We are excited to strengthen our relationship with Twist and leverage the power of our shared platforms to bring better biologics to patients faster."
Through the collaboration, Absci and Twist are teaming up to create a new therapeutic candidate using Absci's generative AI and Twist's synthetic DNA technology. This collaboration combines Absci's AI-driven antibody design with Twist's gene synthesis tools to test and validate potential treatments. The companies plan to find a partner to advance the candidate into clinical trials and commercialization.
"We have been working with Absci for several years and look forward to extending our collaboration beyond a preferred supplier to leverage their AI platform along with Twist's capabilities to discover antibodies to a key biological target that potentially impacts multiple disease areas," said Emily M. Leproust, Ph.D., CEO and cofounder of Twist Bioscience.
Twist will utilize its SynBio portfolio, including Multiplexed Gene Fragments, the Express portfolio, and long DNA synthesis, to support antibody discovery in this program. This collaboration highlights the versatility of Twist's platform, enabling solutions from individual DNA components to full-scale antibody development.
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